Indian Crypto Exchanges Seek Clarity on Legal Status and Taxability from the Reserve Bank of India

Crypto exchanges in India are still seeking regulatory clarity and tax status from the Reserve Bank of India following a Supreme Court ruling in favor of the crypto industry earlier this year. India’s Supreme Court reversed the ban placed by the central bank on financial institutions offering crypto-related banking services. It is two months after lifting the ban, crypto exchanges and firms are now seeking clarification regarding the nature of their operations. The call for clarity Several crypto exchanges in India today have written to the Reserve Bank of India (RBI) to…

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HSBC Chief Legal Officer Stuart Levey Gets Appointed as Libra’s New CEO, Expert in Dealing with Regulatory Backlash

The Libra Association appointed its first CEO, Stuart Levey, the Chief Legal Officer at HSBC Holdings. Levey will be overseeing the Libra digital currency and payments system and holds a strong compliance track record and is expected to join Libra in the coming months. However, HSBC has not shown the same upright compliance record. Levey is also expected to “combine technology innovation with robust compliance and regulatory framework.” The Facebook-led project has invited scrutiny from global regulators, with concerns over its threat to national sovereignty with its potential launch. Many…

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Bitcoin Halving: Everything You Need to Know in 5 Minutes

Bitcoin Halving: What and Why In May 2020, Bitcoin is expected to experience its third halving in history. Bitcoin halving refers to the halving of Bitcoin block rewards, which occurs once every 210,000 blocks created (approximately every 4 years). Block reward refers to the amount of Bitcoin received by miners after they successfully validate a new block. The rationale of Bitcoin halving stems from the currency design of Bitcoin. In the email thread between Satoshi Nakamoto and Mike Hearn, Nakamoto suggested that the total supply of Bitcoin is capped at 21 million. This is opposite to the…

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